Press Information Bureau

Government of India

Ministry of Corporate Affairs

30-July-2012 17:20 IST

Filing of Cost Audit Report and Compliance Report in the Extensible Business Reporting Language (XBRL) Mode

The Ministry of Corporate Affairs has decided that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012.

Accordingly the Institute of Cost Accountants of India, 12, Sudder Street, Kolkata – 700 016 Institute has been requested to circulate this for the information of all concerned.

It may be noted that its circular of 10th May, 2012 [as amended on 29th June, 2012], it has already been mandated by the Ministry of Corporate Affairs that all cost auditors and the concerned companies shall file their Cost Audit Reports and Compliance Reports for the year 2011-12 onwards [including the overdue reports relating to any previous year(s)] only in the XBRL mode. For this purpose, the applicable taxonomy, business rules, validation tools, etc. and also the “Product Group” classification required for preparing the cost audit reports and compliance reports as per the notified Cost Accounting Records Rules, 2011 and Cost Audit Report Rules, 2011 are under preparation and would soon be made available by the Ministry. The actual date for enabling XBRL filing will be intimated separately.

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XBRL filing requirement for cost audit reports permitted without penalty pending formal enablement by government and taxonomy completion. The Ministry allowed filing of Cost Audit Reports and Compliance Reports in XBRL format for 2011-12 and overdue years without penalty until the government-specified deadline, and mandated future filings in XBRL once the Ministry provides the taxonomy, business rules, validation tools and Product Group classification required under the Cost Accounting Records Rules and Cost Audit Report Rules.